Police seized $54 million from according to a story reported by The Miami Herald. In Italy, that equals to 40 million Euro.
The authorities have been taking the money from Monte dei Paschi di Sienna as they are carrying an investigation. Allegedly, managers have been questioned after the bank overpaid for a purchase of Antonveneta, an Italian bank they bought from the Spanish bank, Santander. The purchase was made back in 2007.
MontePaschi, it's more informal name, purchased Antoveneta for 9.3 billion Euro. Also as part of an investigation, authorities are inquiring about three trades that could cost MontePaschi hundreds of millions of euros.
The bank's board met for six hours, but they refused to provide a statement following their meeting.
Monte dei Paschi di Sienna is the world's oldest bank which opened its doors in 1472. That's before Columbus even attempted to "discover" anything in the Americas.
